In a race to innovate through new technology, manufacturers around the world are aiming to drive profitable growth and product development through strategic partnerships. 89 percent of manufacturers agreed that partnerships, not in-house efforts, will characterize the future of innovation, according to a recent survey of manufacturing leaders by KPMG.
In fact, 68 percent of manufacturers reported that they are already adopting more collaborative business models with suppliers and customers. As the globalizing economy pushes a small- to medium-sized manufacturer to specialize their offerings, new collaborative business models – and a formal method for sourcing the right ones – is proving to be a major driver of growth in the manufacturing industry.
Driving Manufacturer Growth through Partnerships
Beyond helping businesses reduce risk and manage cost, partnerships are set to drive growth in all realms of manufacturing. “Entering new markets, increasing productivity, sharing technology and integrating the supply chain all require some level of partnership with outside organizations and the adoption of more collaborative business models to achieve success,” said Ralph Canter, advisory managing director for KPMG in the U.S. This is why it is critical as a manufacturer to establish R&D partnerships with suppliers and customers, advocating for cross-sector research, joining manufacturer clusters and establishing joint ventures. Powerlinx member BH Sensors, for example, forms strategic alliances with small engineering services companies rather than conduct manufacturing in-house in order to take on more projects and serve a broader range of clients.
Besides allowing a manufacturer to access new growth opportunities, collaboration is also launching manufacturers into new trailblazing roles within the industry, according to Dr. Gerhard Dauner, head of industrial manufacturing for Europe, Middle East and Africa KPMG in Germany:
“Even those that are focused on collaboration for purely economic necessity are finding that their drive to become smarter, faster and better through collaboration has made them pioneers in creating more integrated and connected businesses.”
Strategic alliances can drive manufacturers to, among other things, reach new customers, deepen their industry knowledge and accelerate innovation. It is this need to innovate their offerings that has become a top priority among manufacturers in today’s globalizing, technology-driven economy.
Manufacturer Innovation through Collaboration
Successful manufacturers are increasingly setting their sights on innovating their manufacturing processes in order to drive new growth. With 46 percent of manufacturers reporting limited operational and financial resources as the biggest challenge to their innovation efforts, though, collaborating with other firms is the most strategic way for manufacturers to remain at the top of their sector. Such collaboration can include strategic alliances with suppliers and, sometimes, even with competitors.
A New Way to Source Strategic Partnerships
Collaborative networks are widely seen as the path to the manufacturing innovations of the future. As manufacturers increasingly seek opportunities for new innovation, Powerlinx’s advanced business matching engine is ready to connect manufacturers with their next growth opportunities.
To help businesses efficiently find their most relevant growth opportunities, Powerlinx matches their needs against the profiles of 20 million firms worldwide. The Powerlinx automated system provides the fastest and most value-driven and cost-effective way for businesses to source their next collaborative business opportunities.
Learn more about how Powerlinx can lead your business to new innovation and collaboration.
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